Issue #11 - Why clients aren't loyal
Choosing an operational system, how to stay happy, healthy and productive plus 30 firm owners to follow on social media
Welcome to "Get Work Done," where we discuss the complexities of running accounting and bookkeeping firms efficiently. This isn't your average newsletter—we're all about down-to-earth tips and insights that cut through the complexities, helping you streamline processes, embrace practical tech solutions, and boost your team's productivity.
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Small change, big difference
Only 40% of companies enjoy a positive onboarding experience.
Customers are 50% more likely to remain loyal to a company with an effective onboarding process.
If onboarding new clients to your firm feels clunky and you receive a lot of negative feedback about the experience, you may wonder where you need to improve.
It’s easy to get bogged down in defining the project scope, answering endless questions, and ensuring everyone is on the same page.
Did that essential tax form explanation get sent? Is this constant back-and-forth eating into valuable billable time?
What small change can you make to see a big difference in your client onboarding process? Create a streamlined process.
You can start by looking at and getting inspired by Nikole Mackenzie’s new client onboarding workflow.
Firm spotl💡ght
From managed accounting to fractional CFO support and data intelligence services, Full Send Finance provides growth-minded companies with holistic financial and data flexibility and visibility.
The firm typically works with technology, e-commerce, and B2B companies with revenue between $1M and $50M and meets them where they are.
Partner & COO Stacey Feldman, CPA, joined The Accounting Flow podcast to discuss “The Do’s and Dont’s of Choosing an Operational System For Your Firm:”
Excerpts below:
Stacey Feldman:
I want to dive into that overall process of how we think about even ideating around a new software. The first step is understanding how you do what you do today. And it doesn’t have to be a super formal process. It depends on whether you’re a small company or a larger enterprise. I think these steps are still really valuable. But it’s mapping your workflows, figuring out how things are done, and what steps are taken today. That way, you can identify pain points, figure out where things are sticky, where things tasks are duplicated, and where you have inefficiencies. Because this is the first step in really figuring out what you need to solve. If you don’t map out where you are today, you’ll never know what you need for tomorrow. So, I can’t understate or overstate this point enough that documenting and itemizing out what you’re doing today is the most important step in selecting a new software to solve the problems.
H🔥t topics
Physical Stamina as a Productivity Hack
Keir Starmer, the new Prime Minister of the United Kingdom, is known for his extraordinary work ethic, which earned him the nickname "Keir Starmina." Known for his ability to work on minimal sleep, his dedication and discipline were evident from his school years through university. Starmer's stamina underscores an essential truth about success: while productivity hacks abound, true endurance and resilience are irreplaceable.
This lesson, learned early by seasoned professionals, highlights that persistent success often comes from the ability to keep going when others can't. However, such relentless drive can have downsides, impacting personal life and relationships.
Read the full insightful article by Pilita Clark.
Can LLMs help streamline business processes?
Large language models (LLMs) like ChatGPT hold promise for natural language interfaces, but can they truly optimize business processes? The answer is a resounding “yes,” but there's more to the story.
Automation Power: Discover how LLMs can accelerate business processes with other technologies.
Real-World Applications: Learn how LLMs streamline the “opportunity to order” process and revolutionize app creation in e-commerce.
Getting Started: Explore crucial steps for leveraging LLMs, from understanding the landscape to choosing the right vendor.
Curious about the transformative potential of LLMs for your business? Click to read the full article and uncover the nuanced insights and practical steps to get started.
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FOMO events
July 17
July 19 & 20
TaxTwitter Retreat at Chicago, Illinois.
July 22 - 24
Bridging The Gap Conference at Rosemont, Illinois.
Noteworthy
Top 30 Accounting & Bookkeeping Firm Owners to Follow on Social Media
The accounting industry is constantly changing. How do you stay informed about new technologies, regulatory changes, and industry shifts that are happening constantly?
A fantastic way to stay in the loop is by following thought leaders and firm owners in the field. These experts regularly share their insights and advice through social media, blogs, podcasts, and speaking engagements, offering valuable information.
In this article, we introduce you to 30 influential accounting and bookkeeping firm owners who are significantly impacting the industry. By following them, you’ll get fresh ideas and innovative strategies that can help you stay ahead.
Ready to get inspired?
Taxed at work? 4 keys to staying healthy, happy, and productive
At AICPA & CIMA ENGAGE 2024, Daniel Moore shared his experience of burnout, highlighting the importance of self-care. Fellow panelist Chet Buchman emphasized daily investments in self-help and setting virtual boundaries to maintain work-life balance. Moore stopped checking emails during off-hours to reconnect with family. The session, “Rethinking Tax Practice in the 21st Century,” stressed the value of vulnerability and open discussion about real struggles, promoting mental health and productivity in the taxing profession. Prioritizing self-care and setting boundaries can significantly impact personal and professional well-being.
Two Big Problems Technology Solves For Accounting Firms
Small accounting firms face rising cybercrime and staffing shortages. Despite these challenges, technology offers solutions:
Cybersecurity: PwC reports a 30% increase in cyberattack risks for financial firms. Improved cybersecurity platforms are essential.
AI Tools: Only 3% of firms leverage AI, which can automate routine processes and alleviate staff shortages.
Staff Well-being: AI can reduce workloads, minimizing burnout and enhancing work-life balance.
Discover how these technologies can protect and transform your practice, enhancing efficiency and security.
Read the full article for detailed insights and actionable steps.
Until next time,
